Daily (20.08.2019): Brent crude surged by around 2% on Monday on worries about global oil supplies

20/08/2019 11:19 Daily

news

Crude oil prices rose on Monday after Yemen’s Houthi forces used a drone to attack an oilfield in eastern Saudi Arabia on Saturday, threatening global oil supplies. Brent crude added $1.1, or 1.9% to settle at $59.74 a barrel. WTI futures gained $1.34, or 2.4% to end at $56.21 a barrel.

A mixed trend in gas prices was noticed on Monday. NBP spot edged 0.2% higher at $26.45 p/therm, on prospects for a drop in wind power generation and stronger gas-for-power demand. Meanwhile, prices on the curve were bearish due to an oversupplied system. The contract for delivery in Q4 19 closed 2.6% lower at 42.44 p/therm.

 

European power prices were bullish on Monday. Prompt electricity prices increased due to lower wind output and rising demand. The German day-ahead power price boosted by 51.8% to 39.80 euros/MWh. At the same time, the French spot electricity price jumped by 43.4% to 34.60 euros/MWh.

 

Further along the curve, contracts had an upward evolution on Monday, tracking gains in carbon and fuels market. The German year-ahead power contract settled 0.6% higher at 48.77 euros/MWh. The French equivalent contract ended 0.3% up at 50.42 euros/MWh.

 

EU carbon prices rebounded from earlier losses on Monday, due to stronger auction demand. The 2019-expiry contract traded 2.3% higher at 26.56 EUR/tonne.

E.ON forecasts reduction in energy bills of at least £85 from Autumn

05/08/2020 11:25:00

The energy supplier says this change is due to the ‘dramatic’ fall in energy demand during the lockdown

<READ MORE

BP to spend $5B annually towards its net zero ambition

05/08/2020 11:16:00

BP to cut fossil fuels output by 40% by 2030

READ MORE

Daily (05.08.2020): Brent crude hit its highest settlement since early March on Tuesday, driven by the anticipation of a drop in U.S. stocks

05/08/2020 09:17:00

Crude oil futures rose for a third straight session on Tuesday, driven by tumbling dollar, hopes of a new economic stimulus package in the U.S. and expectations that U.S. stockpiles drop again. Hence, Brent crude added 28 cents, or 0.6%, to settle at $44.43 a barrel, its highest close since March 6 At the same time, U.S. WTI crude rose by 69 cents, or 1.7%, to end at $41.70, its highest settlement since July 21.

READ MORE